USD/JPY Reverses After Trump Junior Emails, But Will it Last? - Forex News by FX Leaders

USD/JPY Reverses After Trump Junior Emails, But Will it Last?

Posted Tuesday, July 11, 2017 by
Skerdian Meta • 2 min read

Donald Trump has been blaming fake media for ages. We know fake media exists but we also know that he´s made use of it more than anyone else in modern history.

We know the Russians helped his campaign by attacking Hillary Clinton with all sorts of fake news to ruin her image and to some extent they succeeded.

A few months ago we heard that thousands of fake websites were set up in Macedonia and Albania (by Russian intelligence, of course), which published all the dirt we saw during Clinton´s presidential campaign.

Trump blamed fake media just like when a murderer screams ''bloody murder!'', even though he benefited from it. However, everything is now coming to the surface.

Trump´s son, Trump Junior, published some email correspondence between him and Rob Goldstone who had been in contact with a Russian “lawyer”, minutes before New York Times (NYT) did. NYT was going to publish them, so it seems like Trump Jr. was forced to reveal them.

This is negative for the USD, obviously, since it´s supposed to mess things up in the U.S. But I don’t think this will last too long because the forex market is used to this nonsense and we know that Trump was Putin´s favourite.

Besides, this is history now; Trump is already the U.S. President and these emails are not going to dethrone him from his presidency.

So, I´m thinking of buying the USD/JPY, but not before it completes a decent retrace lower because it is overbought in most timeframe charts.

The 111.50 level looks tempting since it has provided support and resistance before. The last 2 daily candlesticks look dovish, but let´s see if the sellers can push down the price to this level.

Well done Junior.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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